Company
LON:IGAS
IGas Energy is a leading British oil and gas explorer and developer, producing c.1m barrels of oil and gas equivalent every year from over 100 sites across the country, with significant potential yet to be delivered from our assets.IGas has played a key role in Britain’s onshore energy production; safely exploring, developing and producing onshore oil and gas at our sites for over three decades. Our management and technical teams have many years of experience in onshore energy production and most live and work in the communities in which we operate.IGas is extremely well positioned for the future as we move closer to unlocking Britain’s untapped unconventional oil and gas resources
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Market Update: 18 April 2023Rex International Holding* (SGX: 5WH) - Tap to existing bondLON:IOG - Blythe well suspendedLON:ECHO - Liquidity concernsLON:ANGS - Production updateTSE:VLE - Strong 1Q performanceLON:AET - Progress on transaction
Gas used by the UK will be fracked nonetheless, with a greater carbon footprint, and the economic benefits will go to America.
The AIM-quoted shale gas firm said it reserves the right to pursue legal actions to recover shareholder losses.
Liz Truss reversed the party's election pledge during her fleeting time in 10 Downing Street
Labour had proposed a vote to ban fracking for shale gas after Liz Truss lifted a moratorium on the practice after she became PM
Fracking was banned in 2019 following pressure from green groups and concerns about Earth tremors
Shares in UK fracking companies fell sharply on the reports today
“The development of IGas' shale gas assets has the potential to provide secure and affordable energy for the UK in the near term," said IGas executive chair Chris Hopkinson
The company reported a near doubling of revenues for the first half of 2022 due to higher oil and gas prices
However, the energy bill freeze is predicted to lessen and potentially avert a UK recession – but not stop more interest rate rises
Lifting of the fracking moratorium would spark fresh life into the shale gas sector.
It remains to be seen whether or not talk of energy security is opportunistic fodder for the incoming PM or a genuine turning point for industry.
Department for Business, Energy and Industrial Strategy asked the British Geological Survey in April to review the scientific basis for fracking to help alleviate the energy price crisis
London-listed IGas and Egdon Resources are estimated to have the potential for over 100 trillion cubic feet of gas resources in the UK, which could be developed subject to a new government review of fracking
Kwarteng said: “We have always been, and always will be, guided by the science on shale gas."
The UK shale shares advanced on the London Stock Exchange.
"This represents a significant opportunity to accelerate the development of geothermal heat projects in Cornwall," said CEO of Cornish Lithium
The shale gas firm was stifled by a moratorium on fracking in late 2019 and it now plans to use its core competencies in the delivery of a 'zero carbon' energy project near Stoke-on-Trent.
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IGas Energy The decision by the Government for a moratorium on fraccing in the UK has obviously put the cat amongst the pigeons, coming as it did from left field. An abrogation of responsibilities can only be expected during an election cam
"Springs Road ticked every single box from a world-class shale play perspective,”
It is becoming quite clear that broader narratives concerning hydrocarbons, fuel and industrial businesses are changing
"We continue to mature projects across the portfolio as we seek to maximise returns on our existing operations and infrastructure, and in this case are pleased to be moving forward with another low-risk opportunity," said CEO Stephen Bowler
Talks will include community input before any planning application is submitted.
Yet again, we’re talking about politics and regulation rather than wells and production tests.
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IGas and Gulf Keystone are on the agenda, meanwhile Brexit will likely be a talking point for Eddie Stobart Logistics.
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A glance at some of the day's highlights from the Proactive Investors newswire
Investments and investor services
A look at the day's major movers, including IDE Group, Xaar, PhotonStar, Ascent Resources, Northern Bear, Driver Group, Reabold Resources, IGas Energy and Egdon Resources
“The data gathered to date shows that there are significant prospective resources in our East Midlands acreage and is another important step for the UK onshore industry"
Investments and investor services
Straight from the horse's mouth? Not really. It was the deputy head of the Irish government, Simon Coveney, who confirmed that Theresa May will fly to Strasbourg this evening “to try to finalise an agreement, if that’s possible”.
The Government Pension Fund of Norway will decide on Friday whether to offload its US$37bn stake in the industry
“We are delighted to be starting our hydraulic fracturing operations as planned,” said Francis Egan, Cuadrilla chief executive
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Homeware retailer Dunelm, housebuilder Galliford Try and football pitches group Goals Soccer Centres are all due up on what looks set to be a fairly quiet Wednesday in London
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The week ahead includes annual results from Wetherspoons, Galliford Try and Dunelm along with interims from Morrisons and trading updates from AB Foods and Ashtead
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The UK's premier index closed down around 22 points at 7,038, while the FTSE 250 shed over 55 points at 19,668.
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The day ahead includes full-year results from FTSE 100 DIY retailer Kingfisher PLC, plus the latest Federal Reserve rate decision, and UK unemployment and average earnings data
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The recovery stocks portfolio needs a stock to whack one out of the ground, and you can't get much more "hit or bust" than oil & gas exploration companies
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oil and gas, Rose Petroleum PLC, Angus Energy PLC, Hurricane Energy PLC, Tlou Energy, shares
“We look forward to the future with excitement not only for IGas, but for the wider UK onshore industry as security of energy supply and diversification of the UK energy mix becomes ever more critical."
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A look at the world of small cap oll and gas news this week
“This acquisition is consistent with our strategy of enhancing Egdon's position in core areas where we see significant oil and gas potential," the company said
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A look back at the week’s highlighted news for junior oilers
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A glance at some of the stories on the Proactive newswire today
New shale wells are due to start before the end of the year and site selection is underway for new projects in North West England.
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The new estimates, revealed in a new power point presentation, put the field’s oil-initially-in-place in a range of 1.29bn to 3.03bn barrels
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A glance at some of the stories on the Proactive newswire today
Unconventional Energy Limited, a vehicle of the oil & gas industry investment specialist has declared it now holds 679,282,165 shares in the AIM-listed firm, a 27.999% stake
Some of the largest rises and falls at 2.30pm: IG Design, Lansdowne Oil & Gas, Coral Products
London traded sideways with attention on Donald Trump's attempt to get a key healthcare pledge through Congress
Some of the largest rises and fallers at 3pm: Frontera, Franchise Brands, Starcom
The UK shale gas firm now has planning approval for a new exploration well site, at the Tinker Lane location near Barnby Moor, North Nottinghamshire.
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A look back at the week’s highlighted news for junior oilers
Main share price risers and fallers in London at 4pm: Metal Tiger, Ilika
IGas is bringing in up to US$60mln of new capital and exchanging around US$112mln of debt for new shares.
Investments and investor services
FTSE 100 stocks closed at a record high on Friday for a second successive session, after making a fresh intraday peak, and a good way for equity investors to end the week
IGas's partnerships and 'carries' are key assets as the indebted group restructures.
FTSE 100 stocks bagged a net loss on Thursday after supermarket chain WM Morrison fell on an uncertain outlook
There will be dilution for shareholders, but, the deal allows the company to alleviate financial pressures and ease its debt burden.
Some the largest rises and fall at 3pm: ValiRx, Faron, Jersey Oil
The UK shale firm is bringing in at least £35mln of new capital from a strategic investor whilst arranging a debt-for-equity swap with lenders.
The offer, to redeem US$2.3mln of bonds, will be open until March 1.
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After unveiling deals in India on both Wednesday and Thursday, Windar came up with seven more on Friday, including its first test in Korea.
A previously disclosed, the firm has recently met with certain bondholders and potential investors.
A round-up of the stories on the Proactive newswire today
IGas has been granted planning approval to drill two exploration wells to target shale gas resources in Nottinghamshire.
The biggest small cap risers and fallers in London at 3.44pm
The group has realised US$6 million selling secured bonds
Inmarsat heads higher as third quarter revenues pick up
Shares in explorer Amur Minerals soared on Monday after it announced a tie with Chinese nickel giant Jinchuan
IGas confirmed it is talking to bondholders and strategic investors about restructuring its capital, it may result in the group's conventional assets being sold.
Some bondholders want IGas to sell its conventional oil assets, while others would prefer to see a capital restructuring.
The third party assessment comes as the UK shale firms continue to pursue planning approval for well sites.
Largest share price rises and falls in London at 4.00pm
The meeting is expected to be a platform for talks to agree a sustainable capital structure, IGas explained.
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A lok at the junior oil and gas sector stories this week
Significantly for IGas it comes less than 24 hours after a decision for a project in Nottinghamshire was deferred until next month.
Main share price risers and fallers in London at 3.45pm
Cuadrilla's dispute over its Lancashire project is expected to be settle later today by Communities Secretary Sajid Javid.
Investments and investor services
IGas was on a charge after a milestone decision for the UK shale gas industry
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Weekly round up of the top headlines from the world of oil
“We acknowledge the challenges that our current capital structure presents and are engaged with our bondholders and potential strategic investors to right-size our balance sheet," said chief executive Stephen Bowler.
Labour says fracking incompatible with low-carbon energy policy
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A round up of oil sector news from the world of Proactive.
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London shares seesawed and ended firmer on Monday thanks to gains by oil prices. The FTSE 100 index closed up 0.2% at 6,809, and was led higher by banks
Ministers plan to give cash to householders rather than councils or community groups
Main share price risers and fallers in London at 9.30am
Investments and investor services
Investors have subscribed for 16.5mln Acorn Minerals shares at 15p a pop, raising the company £2.48mln. Shares rose to 13.25p.
IGas recently began talks with its leading bondholders, and today a third party moved to acquire its listed bonds.
The UK shale gas front-runner and conventional onshore operator wants a sustainable capital structure and it continues to evaluate options for cash and earnings accretive transactions.
